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Summarized production cost budget. A company manufactures two products, X and Y.
Prepare a Flexible Budget to show the profits/losses at 50%, 60% and 80% capacity utilization.
Prepare a statement of budgeted costs for working out the overhead recovery rates in percentages
Example the concept of flexible budget. How is it prepared? What is a ‘sales budget? How is it prepared?
What factors generally determine a budget period? Give examples. What is ‘Principal Budget Factor&? Give a list of such factors and state the effect
Calculate Material Cost Variance, Price Variance, Quantity Variance, Mix Variance and Yield Variance. Assume that First In First Out method is followed
Discuss the distinguishing features of process costing. What do you understand by ‘normal loss' and ‘abnormal loss'?
Discuss the justification of inter-process profits. What difficulties are faced in preparing the final accounts?
1. Understand the meaning of joint products and byproducts. Distinguish between the joint products and byproducts.
Prepare a statement showing the apportionment of the joint expenses of manufacture over the different products.
Prepare a comprehensive cost statement for each of the products allocating the materials and other costs based up on: Number of units and Sales value.
What sales strategy could the company have planned to maximize its profit in the year?
Define ‘by-product' and ‘joint products'. What is the difference between them? Give examples.
Discuss the methods of stock valuation in cost and financial accounts. Explain fully the ‘joint costs'
Understand the meaning and application of Operating Costing. Understand the cost unit used in service industries.
Selling and administrative expenses are part of period costs under both absorption and variable costing methods.
For financial accounting and external reporting purposes, all selling and administrative expenses are treated as:
Evaluate the process of developing and implementing the ABM system?Why wasn't ABM implemented across the entire plant?
What role could ABM system play in East River's continuous improved efforts? Include any implications for Management Accountants
What alternatives does Tony have in this situation? What might the company do to prevent this situation from occurring?
Certified does not take into account the effects of the above clause. Prepare Contract Account. Working should form part of your answer.
Discuss the importance of estimating in job costing. How the different costs are recorded in job costing?
What is the quantity of raw material required to be fed at the beginning of Process I and the cost of the same at Rs. 5 per kg?
Define a "flexible budget". Mention the special features of flexible budget. Explain its importance as a budgeting technique and as a tool of control.
What is responsibility accounting? How can responsibility centres be established? How does it differ from "profit centre"?